∙The first full-service branch is committed to provide fastest loan processing & seamless customer experience in affordable housing
∙Expecting to cater over 500 new customers every month across Karnataka region through Home Loans and Secured Business Loans
∙This full-service branch will also cater Doddaballapur, Devanahalli, Hoskote, Kolar, Tumkur, Nelmagala, Kengeri, Magadi, Kanakpura, and other Bengaluru markets.
∙With an average ticket size of 17 lacs, IIFL Home Finance will add 750 crores to the book size. By the end of the fiscal year in 2022, the loan book in the Karnataka market is estimated to have increased by 1000 crores.
Bangalore, 15th November, 2021: IIFL Home Finance Ltd., a subsidiary of IIFL Finance Limited, inaugurated their first full-service branch at Shivajinagar, Bangalore. The branch will cater to their existing target customers (Low-income group, High-income group and Middle income group loan applicants) by offering Home loans and secured business loans. The first full-service branch was inaugurated by Chief Guest: Mr. Shekhar H K , Senior VP at Shriram Properties. Apart from the chief guest, there were several senior IIFL HFL's officials who graced the ceremony.
So far, IIFL Home Finance has disbursed loans to 1093 households in Bangalore under the PMAY scheme, with 92% of the loans booked under priority sector lending. 98 % of these homes are owned by women. The company has provided over Rs. 26 crore in subsidies to 1178 beneficiaries in Karnataka who are from the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle-Income Groups (MIG).
IIFL Home Finance has disbursed loans to over 5300 happy families worth 1260 crores in Bengaluru and has witnessed 15% growth (YOY for 2 years) in their loan book and expects a 25% growth in Bengaluru by the end of the financial year. The branch in Bangalore will be fully operational and technologically equipped to assist consumers with the Pradhan Mantri Awas Yojana – Urban (PMAY- U). The company further plans to expand in other regions of Karnataka and strengthen its branch presence in the upcoming phases. These new branches will serve customers from all segments.
Speaking on the occasion Mr. Anthony James – RSM at IIFL HFL said, “We are very excited to announce the launch of our first full service branch in Bengaluru. IIFL HF will maintain its commitment to offer exceptional service with its fintech solutions. We are also excited to expand our services and footprint in new regions, and we are honored to do so in Karnataka state. This is an effort to strengthen our existing customer relationships while garnering the new ones.”
IIFL Housing finance has in the recent past entered into a co-lending arrangement with Standard Chartered Bank, Punjab National Bank, and Central Bank of India, India’s leading PSU Banks and a leading foreign Bank in India for extending credit to MSME loans (loan against property). IIFL HF has also joined hands with ICICI Bank, the second-largest private sector bank in India for affordable housing, MSME loans. As a fintech housing finance company, IIFL Home Finance is dedicated to making its customers’ journey of owning a home as seamless as possible by leveraging its future- ready technology system.
Also, as a special seasonal offer, IIFL Home Finance will provide new clients with a complimentary health insurance worth Rs.3 lac for a year*. The health insurance will cover both the applicant and his or her spouse, with a maximum age of 55 years at the time of policy issuance. The offer is valid from October 1st to November 30th, 2021.
With its new product, IIFL Home Finance is also promoting Green affordable housing eco-system in India by offering its new Home Loan customer an interest discount of 25 bps, if the customer applies Home Loan for a home or flat at a project pre-certified by IGBC (Gold/Platinum rating) or GRIHA (4/5 star rating).This offer is applicable for all new Home Loan customers across the country, who meet all product related pre-requisities and conditions as defined by the company.
About IIFL Home Finance Limited:
Incorporated in 2006 and registered in 2009 with National Housing Bank (NHB), IIFL Home Finance Limited is a wholly-owned subsidiary of IIFL Finance Limited. The Company is one of India’s leading housing finance companies and is a preferred choice for affordable home loan requirements. Through their affordable home loans, IIFL Home Finance makes people's aspirations of owning a home a reality. As a technology driven housing finance player, we endeavor to make our customer experience as seamless as possible. We have made the entire life cycle of our housing loans i.e., from origination to closure, completely digitised. We have state-of the-art IT infrastructure which has helped in reducing costs, real time analysis of customer data, improving our control and underwriting functions, while increasing customer reach and distribution capability.
We have adopted and implemented a social objective across all aspects of our business in line with vision of ‘Complete Profitability’ and ESG framework with increased focus on sustainable growth. We operate a financially inclusive customer centric lending business and believe that our business model contributes significantly to the EWS and LIG segment. As of March 31, 2021, 74.90% of our live accounts was from customers who belonged to the EWS and LIG segment. Through the provision of loans for purchase of homes to a customer segment that is not serviced by the mainstream financial services sector and our employment of personnel in rural and semi urban locations across India, we are fulfilling an important social objective of economic upliftment for these segments of the Indian economy.
We offer customers a range of mortgage-related loan products, including (i) housing loans, for purchase of ready built residential units, under construction property by approved builders, self- construction, home improvement on pre-owned property and purchase of land for construction of residential property; (ii) secured business loans, for primarily meeting working capital requirement, business use and purchase of commercial property; and (iii) affordable housing project loans, to meet construction expenses of affordable housing projects of reputed developers.
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